Picking tracks

One addendum I will make......that we all know........as good American taxpayers.......is that all winnings should be declared as income. Whether the the withholding plateau is reached on the individual wager, or not.

I don't think that is true, unless maybe you declare yourself as a professional gambler.

For the average fan going to the track once in a while (or even frequently) your non-IRS winnings are free and clear.

What you do need to do if you do have an IRS ticket is accumulate losing tickets that equal or exceed your winnings if you want to write off losing wagers (there is no shortage of losing tickets to be found at a track/OTB).

I'm no tax expert, but I don't think we are all expected to account for every winning and losing ticket we wagered.

Who keeps track of all that nonsense?

I just wanted to thank everybody for their input and advice. I have a better idea where to start, and in the meantime I'm going to keep reading the books. I ordered Picking Winners and Betting Thoroughbreds yesterday. Now I just have to pick the tracks I want to follow and study away . . .

Thanks again!

[cakes44]

Go to the home of the sorest horses in America: Beulah Park.